A new survey on valuable collections from Chubb finds American collectors have continued to expand their personal valuable collections, amid the COVID-19 pandemic and its challenges. The Chubb Valuable Collection 2021 Survey, which took stock of Americans’ attitudes on collecting art, wine and spirits, jewelry and watches, sports memorabilia, classic cars, and more, found that passion is a key motivator while investment also played a role.
According to the survey, if collectors had the necessary funds to do so, they would purchase the following for their own personal pleasure: jewelry and gemstones (49%), wine (46%), art (39%), and watches (37%). For investment purposes, collectors would choose: jewelry and gemstones (47%), art (41%), wine (34%), and watches (32%). Americans also see collector cars (30%) as an investment opportunity.
“There are many reasons individuals may want to start or expand their collections. Regardless, it’s critical that collectors become aware of the risks and find the right insurance and risk management solutions to help protect their valuable collectables,” said Fran O’Brien, Division President of Chubb North America Personal Risk Services. “For example, our survey revealed that in the past year, seventy-four percent of American collectors have purchased or would consider purchasing art sight unseen. Risk begins the moment a collector purchases the item; thus, they should start the protection process the moment they buy a piece.”
Additional findings from the survey include:
- In the past year, wine collectors have started a wine collection because of their love of wine (62%), influence of a friend or colleague (30%), or excess income (30%). Similarly, whether because of an increase in free time or disposable income, in the past year, more Americans have started collecting wine and spirits. Specifically, 40% of all collectors recently began collecting wine.
- Over the past year, American art collectors are most influenced to purchase art by social media (57%), online auctions (54%), investment opportunities (52%), and artist patronage (47%). Further, Americans between the ages of 18-24 are the most likely (72%) to be influenced to purchase art through social media.
- On average, collectors spend the following percent of their annual income on collecting: wine, 9%; art, 10%; watches, 10%; jewelry, 11%; spirits, 10%; designer accessories, 11%; collector cars, 12%. Collectors have also spent more than 10% of their net worth on the following: wine, 28%; art, 34%; watches, 40%; jewelry, 46%; spirits, 31%; designer accessories, 42%; collector cars, 38%; sports memorabilia, 35%.
Download the Valuable Collections 2021 Survey report